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U.S. Crude Oil Exports - Issue 1: Getting Started

Just as bills have begun to move through both the House of Representatives and the Senate that would lift the longstanding ban on the export of U.S. crude oil, news outlets reported last week that the Commerce Department is “acting favorably on a number of applications” that would permit Petróleos Mexicanos, the state-owned oil company in Mexico, to swap around 100,000 barrels per day of exported Mexican crude oil for imported U.S. crude oil. If the swap proceeds, it would mark the first time that U.S. crude oil would make its way into a market outside the U.S. and Canada since export restrictions were introduced in the 1970’s.